Satang Pro being difficult. Face scans etc

[sikishrory]

A few years ago I opened a satang pro account (while on TR visa) and put a few thousand in there. All with no issues. I did trades. Bought/sold. Deposited and maybe withdrew (don't remember).

Anyway a couple of years later I ended up renewing a full passport and contacted them of my own volition to update it in there system. As you do.

They said thanks and you will need to do the KYC again with the new passport. Only this time it was different. They sent through a document via google docs which was a bit more intensive than the KYC done when signing up. Notably this time it required a non-imm visa and a work permit. 

During initial sign up KYC this was not needed.

I had a crew visa at the time and no work permit. It's not a very common visa so I sent it through anyway thinking maybe they would get confused and pass it. They didn't.

This is annoying but I thought, whatever, I will just leave it all alone until one day I get a non-imm and work permit again.

Now it's another couple of years later and I actually have a non-b and work permit processing at the moment.

I received a call from them about a week ago. The lady mentioned I need to do KYC again.

However, this time the reason is due to the change in Thailands regulations on financial institutions. They require a face scan. Much the same as the banks are rolling out.

The difference is Satang want you (foreigners only) to travel to their Bangkok office to do this.

For Thais it seems to me they are outsourcing the KYC to a company called NDID (national digital id).

I find it ludicrous that a company would expect you to travel halfway across the country to do a face scan so you can access your money.

That's exactly what I told them via email. There response was an ignorant "we do apologize if our services might not meet your expectations. However, we will continue improving our services in order to fulfill the customer's needs and desires"

I just told them I will wait for them to improve. I'm not that fussed with it. It's just annoying.

So this post is just a heads up to people using or thinking of using this exchange and also I am wondering if anyone else has had a similar experience and found a solution with them.

[ChaiyaTH]

I recently had a issue with them too and stopped using it entirely due to my old iPhone being broken and I didn't have the backup for the 2FA key there (as i used it rarely and didn't have active holdings, more to transfer in usage). 

 

Instructions to recover or reset it seemed super reasonable and so I did, twice, to at the end get to hear I have to do it again because I not reply their final email within 24 hours, even I did and proved I did. This is Thailand.

[Jenkins9039]

I just stopped using them when they introduced this new requirement, much like Bitkub years ago.

 

Easier to just shift to a new company or outside of Thailand so the Gov loose the revenues.

[anyone]

On their website it says that 2 years ago they stopped accepting foreigners.

[sikishrory]

As a bit of a relevant update to this thread please see the news article from today.

Basically, Kasikorn Bank have aquired Satangpro

https://watcher.guru/news/thailands-second-largest-bank-acquires-local-crypto-exchange

 

Furthermore, I will post an update to my account block soon.

I visited them in person a few days ago to do the KYC in person with the correct documents (non-imm, work permit, passport).

They said great we'll unlock your account today and then followed up with a number of emails of excuses and rubbish when I complained it is still locked.

They don't want to unlock it basically.

It may be something to do with this news.

Either way I gave them an ultimatum of 2nd Nov then I will contact my lawyer and the SEC of Thailand to lodge a formal complaint.

Will update the outcome.

It's clear from the reviews on google maps of satang corp and reviews of the app in google play that lots of people are struggling with locked accounts at the moment. I also know of a friend of a friend having a similar issue.

[JohnnyBoy777]

So anybody have any real solutions of withdrawing Thb to a Thai bank account? Possible on Binance if you are not a US. Citizen?
My KYC on Bitkub is running out

[Conno]

On 10/30/2023 at 8:45 PM, sikishrory said:

As a bit of a relevant update to this thread please see the news article from today.

Basically, Kasikorn Bank have aquired Satangpro

https://watcher.guru/news/thailands-second-largest-bank-acquires-local-crypto-exchange

 

Furthermore, I will post an update to my account block soon.

I visited them in person a few days ago to do the KYC in person with the correct documents (non-imm, work permit, passport).

They said great we'll unlock your account today and then followed up with a number of emails of excuses and rubbish when I complained it is still locked.

They don't want to unlock it basically.

It may be something to do with this news.

Either way I gave them an ultimatum of 2nd Nov then I will contact my lawyer and the SEC of Thailand to lodge a formal complaint.

Will update the outcome.

It's clear from the reviews on google maps of satang corp and reviews of the app in google play that lots of people are struggling with locked accounts at the moment. I also know of a friend of a friend having a similar issue.

Hi there. I know what you mean. I have an account with the other outfit in Thailand and while I have managed to secure verification, on every occasion [done it several times since opening the account years ago] I can concur it is an absolute nightmare process. It really does feel like they just can't be bothered and rather not have the complication of expats accounts. However I may have some super good news for you. Please read the article in the following link. Only just heard about this today and it lifted my spirits no end. I have also just come off Binance customer support chat after asking them if there are any updates on this new venture. I was told no updates other than what is in the link and the new subsidiary of Gulf Binance is still scheduled to be launched sometime in Q4 2023. I told them to pass it on up the chain of command that they will be almost guaranteed all of the expat crypto communities business if this exchange opens here. Thailand crypto exchange treatment of non Thai accounts seems to be deteriorating more with every month that passes.  Fingers crossed buddy that this opens here. 

 

https://www.kitco.com/news/2023-05-26/Binance-secures-operating-license-in-Thailand-its-first-in-Southeast-Asia.html

Edited November 2, 2023 by Conno

[Conno]

18 hours ago, JohnnyBoy777 said:

So anybody have any real solutions of withdrawing Thb to a Thai bank account? Possible on Binance if you are not a US. Citizen?
My KYC on Bitkub is running out

Firstly are you not going to attempt to renew your KYC? I'd understand if you didn't want to as I dread it also, not a good experience at all. You could use the P2P service on Binance but I have never used it so not a recommendation. I personally don't know of any other sure fire way other than the approved in country exchanges . After saying that I have never sold a single Satoshi, I only buy and accumulate as I'm waiting for the $1m per coin price.  Yea yea yea I'm either deluded or an insightful genius .  I agree this is an increasingly worrisome situation to be in for long term expats. They want our tax money but yet they do seem to be making it increasingly difficult for us to retain an active exchange account in Kingdom due to the nightmare hoops we have to jump through.  Check out Bitkub's TrustPilot reviews here.

 

https://www.trustpilot.com/review/bitkub.com

 

This pretty much sums up the situation for non Thais I would say, clearly we are not the only ones experiencing this.  With a bit of luck this new Gulf Binance exchange will open soon in the next couple of months. We can live in hope that they offer a better service than is currently available. Wouldn't be a too difficult a task to achieve that right. 

Edited November 3, 2023 by Conno

[JohnnyBoy777]

I would renew my KYC if I could, but it is not possible for foreigners. I guess after 5 years as a loyal customer they are just going to kick me to the curb. Typical Thai thinking.....total lack of common sense

[Conno]

Sorry maybe I'm not understanding something.

 

So have they informed you that your KYC is due for renewal, or have they simply informed you that your account will soon expire? Or are you just assuming it will expire soon because it has been a while since your last KYC update? There is a world of difference here. On-going account KYC re-verification is a routine requirement, so how can they ask you to re-verify your account if as you say they still haven't implemented and updated the new KYC verification system for foreigners yet?  The only messages I have ever received from them are emails advising me that it is time to once again re-verify my account by providing them with the required documents all over again.

 

What I am trying to say here is, how can they inform you that your KYC will soon expire and requires updating without them having a system in place for you to renew it? This doesn't make sense?  If this is what you are saying it means they are just basically sort of indirectly informing you they are closing your account and you are powerless to do anything about it? Can you clarify please as I want to be forearmed if this is also heading in my direction.  

 

My experience with them has left me with the impression that the left hand doesn't know what the right hand is doing half of the time.  This might be the cause of what you are trying to explain? 

 

 

Edited November 6, 2023 by Conno

[Conno]

10 hours ago, JohnnyBoy777 said:

I would renew my KYC if I could, but it is not possible for foreigners. I guess after 5 years as a loyal customer they are just going to kick me to the curb. Typical Thai thinking.....total lack of common sense

This is on their website from just last week. Your account should not expire while a 'temporary suspension'  is active. Unless as I posted above the left hand is clueless as to what the right hand is doing.

• For non-Thai nationals

The verification system is temporarily suspended. However, we will announce the update immediately once the service is back in service. Sorry for the inconvenience.

[Conno]

Just found another thread related to Bitkub......Yip it seems they are sending out update your KYC emails to non-Thais without a non-Thai verification system in place. Absolutely useless company.

[Conno]

On 11/6/2023 at 2:49 PM, JohnnyBoy777 said:

I would renew my KYC if I could, but it is not possible for foreigners. I guess after 5 years as a loyal customer they are just going to kick me to the curb. Typical Thai thinking.....total lack of common sense

Go over and look at the recent post on this issue on the other thread linked below. As I said earlier I believe what they are doing to you is illegal and against the constitution.  I asked my GF to translate the case related correspondence and it  appears Bitkub are apologizing for their failures.  I still don't think we are getting the full story here but they do appear to be admitting they do not have a legal basis for restricting your account purely on the fact that they still don't have a non-Thai KYC system operational. It appears that the account of the non-Thai in the reproduced document shown, doesn't have any restrictions on his account. Could have lost something in translation from my GFs interpretation but good to know that at least the issues is now under the spot light.

 

https://aseannow.com/topic/1311267-bitkub-is-asking-for-kyc-again-after-logging-in-kyc-is-disabled-for-foreigners/?do=findComment&comment=18492119

Edited November 10, 2023 by Conno

[sikishrory]

Some closure to this issue. I ended up getting the account unlocked 7 or 8 days after the face to face KYC.

There was lots of unprofessional chat from them saying it is unlocked already or it will be unlocked tomorrow or let us check with manager. Different people giving different answers.

Not sure if it was the threat of legal action or contact with the Securities and Exchange Commision that swayed them in the end.

Satang has now changed their name to Orbix after Kasikorn bought them it seems.

I will note that Satang support clearly said "Unfortunately, registration of foreign customers are not currently available". There is also a announcement somewhere deep in the website that states services unavailable for foriegners.

However, when you go to the new Orbix page it is in English and welcoming so my guess is they will probably let you register and get some funds in the account then turn into the exchange from hell again once you want to get your money out.

I would stay well clear of any Thai exchange.